Asset has a 7.33% cap rate in place at the time of purchase Ability to Raise Rents and Unit Count Change Gross and NN leases to longer term NNN Leases 8.98% Pro Forma Cap Rate Nearby Atlantic Park Development: $330m project which includes 425 apartments Homes, an entertainment venue, 100,000+ SF of Retail, F&B Kiosk, attractions, and 15,000SF of Class A office Near the Port of Virginia, one of the largest and most active shipping hubs in the US Virginia’s Beach location near the Atlantic Ocean, Chesapeake Bay, and multiple rivers makes it a prime destination for boating and water activities